Tata Chemicals announced that its Singapore subsidiary is set to buy 100 per cent of Singapore‑based Novabay for an enterprise value of 25 million euros.
The deal, signed on Friday, through a share purchase agreement (SPA), will see Tata Chemicals International Pte. Limited (TCIPL), a wholly owned arm of Tata Chemicals, acquire the entire equity share capital of Novabay, subject to regulatory conditions.
Novabay is a Singapore‑based company that manufactures and sells premium‑grade sodium bicarbonate, supplying high‑value grades to pharmaceutical, food and personal care customers across Europe, the Americas, Oceania, Asia, the Middle East and ASEAN markets.
It was incorporated in November 2015 and is currently a wholly owned subsidiary of France‑based Novacarb.
Novabay’s issued and paid‑up share capital stands at $35.53 million dollars (3,553,214 ordinary shares of $10 each), and its turnover in calendar year 2024 was 29.49 million Singapore dollars (S$), up from S$25.93 million in 2023.
The acquisition will be funded through cash, with the agreed enterprise value of 25 million euros (about S$37.8 million) subject to adjustments for net debt, working capital and standard closing items.
Once the deal closes, Novabay will become a 100 per cent subsidiary of TCIPL and an indirect subsidiary of Tata Chemicals.
Tata Chemicals, in its regulatory release to the NSE, clarified that the deal is not a related‑party transaction and that neither the promoters nor group companies currently have any interest in Novabay. The acquisition, which is expected to be completed by March 2026, depending on fulfilment of conditions in the SPA, it noted.
Tata Chemicals Managing Director and CEO R. Mukundan, in a company statement, said Novabay’s focus on premium‑grade sodium bicarbonate “aligns seamlessly” with the group’s strategy to expand in “high‑value, non‑cyclical product segments”.
“We believe this strategic acquisition will accelerate TCL’s long-term growth and value creation,” added the company.